FOR THE RECORD

In an effort to make the futures exchange financially stronger and able to adapt more quickly to new technology, directors of the 151-year-old Chicago Board of Trade voted to develop a plan to change to a for-profit corporation from a membership-based, non-profit institution. Under the preliminary plan, members' investments would be returned as cash.

A committee including Chairman David P. Brennan was appointed to draft the plan, which members must approve. No timetable was set for the process.

QUOTE OF THE WEEK

"Communities that have no growth prospects are really going to get hammered." -- Jeffrey Mihelich, director of Algonquin's Department of Community Development, on the expense of meeting state wastewater rules

CITY HALL. The City Council's Budget Committee approved an ordinance that proposes granting Chicago aldermen a $10,000-a-year expense account increase and $15,000 a year more to pay their staffers. The measure, which would apply only to the remainder of 1999 but likely would be built into the city's 2000 budget, would cost taxpayers $520,000.

CASINO PLANS. As expected, Chicago-based HP Inc. presented plans to the Illinois Gaming Board for a two-story riverboat casino, to be called Emerald Casino, in northwest suburban Rosemont (Crain's, July 19).

CHICAGO HOUSING AUTHORITY. The agency said that a $47-million deficit in its $600-million budget caused by last winter's cold snap will force it to recoup the funds through administrative cuts and possible lay-offs.

JOB TRAINING. The state of Illinois will spend $6 million for a job training center in Chicago Heights it will operate with Ford Motor Co. and the United Auto Workers (UAW). State funds will be used to design and build the facility on land adjacent to Ford's Chicago Heights stamping plant; Ford and the UAW will provide matching funds of $12 million to equip the facility.

ILLINOIS STATE TOLL HIGHWAY AUTHORITY. Gov. George Ryan is expected to name Arthur Philip, 67, chairman of the authority, replacing attorney Julian D'Esposito, the Chicago Sun-Times reported. Mr. Philip is the brother of state Senate President James "Pate" Philip, R-Wood Dale.

PEOPLE. Robert K. Meltzer, 46, CEO of Chicago-based furrier and apparel retailer Evans Inc., took an unpaid leave of absence from the company to pursue purchase of the company's six Chicago stores. Samuel K. Garber, 64, vice-president and general counsel, was named acting president and CEO. . . . Gale Sayers, 56, founder of Mount Prospect-based Sayers Group, will invest in and become an equity partner with the current ownership of Georgia-based Bay Data Consultants and Florida-based Bay Resources Inc. . . . Des Plaines-based Juno Lighting Inc. appointed President and Chief Operating Officer Glenn Bordfeld to serve as a director. . . . Ken Bauer resigned as CEO of Michael Reese Hospital and Medical Center.

MOTOROLA INC. California-based Qualcomm Inc. is suing to end a 1990 licensing agreement with the Schaumburg-based electronics giant that allows Motorola to use Qualcomm's wireless technology. Meanwhile, Motorola said it will sell 2.8 million shares of Virginia-based Nextel Communications Inc., reducing its stake in the wireless carrier to 19%.

LIFEWAY FOODS INC. The Morton Grove-based company said it is in discussions with an undisclosed large food processing and distribution company that has expressed interest in becoming a substantial minority shareholder in Lifeway.

REAL ESTATE. As expected, Chicago-based Prime Group Realty Trust purchased a development site at the corner of Monroe and Franklin streets for $56 million (Crain's, May 10). The east side of the site will house a 1,038-space parking garage; Prime plans to use the west side for an office building.

VARLEN CORP. Eight days after the companies reached a standstill agreement, Chicago-based Amsted Industries Inc. extended its hostile $700-million tender offer for the Naperville-based maker of train parts for another two weeks.

UAL CORP. The Elk Grove Township-based company's United Airlines selected the Chicago office of architect Skidmore Owings & Merrill LLP to provide architectural, engineering and interior design services for its new headquarters, to be located in Chicago. Meanwhile, United and California-based discount Internet retailer Buy.com formed a joint venture called BuyTravel.com, an online travel store through which United will sell discounted tickets. United also put into service its first aircraft to feature an all-new interior decor.

NAVIGANT CONSULTING INC. The Chicago-based consulting company (formerly Metzler Group Inc.) filed to list its common stock on the new York Stock Exchange.

BEETLE MANIA. State agriculture officials designated a second Asian long-horned beetle quarantine zone in the city in the Kilbourn Park neighborhood, and new evidence of additional beetles was found in an existing quarantine zone in DuPage County. U.S. Department of Agriculture scientists tested a new chemical they hope will help detect and trap the beetles, the Chicago Sun-Times reported.

SEARS, ROEBUCK AND CO. Sears introduced a new premium line of Kenmore kitchen and laundry appliances, including a graphite-on-stainless-steel range that will sell for $1,699. Separately, the Hoffman Estates-based retail giant unveiled a new charge card for preferred customers who charge at least $600 annually on their Sears cards in an effort to stem competition from Visa and Mastercard issuers.

TEACHERS' LAWSUIT. Saying that it would benefit religious schools at the public's expense, the Illinois Federation of Teachers challenged the constitutionality of a new state law that offers income tax credit for parents of private school students.

SCOTSMAN INDUSTRIES INC. Two unidentified bidders are likely to submit offers for the Vernon Hills maker of ice makers and refrigerators, in competition with the U.K.'s Berisford plc, which agreed to buy Scotsman for $712 million, the Financial Times reported.

NICOR INC. The Naperville utility's Nicor Gas Co. is seeking state approval to expand its pilot program that offers customers a choice of gas suppliers. If approved by the Illinois Commerce Commission, the program would be expanded to all of the company's business customers and more than 250,000 residential customers in the west suburbs, Rockford, Joliet and Bloomington.

UBID INC. The Elk Grove Village Internet auction site formed an alliance with Chicago's Surplus Auction Inc. to sell used and surplus machinery to industrial manufacturers. Surplus Record publishes a directory of used and surplus industrial equipment.